PenCom Says N26tr Pension Assets Now Driving Economic Growth
By Patience Ikpeme
The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has said that Nigeria’s pension assets—now valued at more than ₦26 trillion under the Contributory Pension Scheme (CPS)—are playing a vital role in national economic development.
She made this revelation in Benin City, Edo State, during the Second Run of the 2025 Consultative Forum for States and the Federal Capital Territory (FCT).
Oloworaran, represented by the Commission’s Inspectorate Commissioner, Chief Samuel Chigozie Uwandu, said the CPS has evolved beyond a retirement policy and has become a symbol of a national shift toward financial discipline and long-term planning. According to her, the scheme illustrates “a decisive break from past dependencies on state-provided old-age financial security to a new culture of retirement savings and forward planning.”
She stated that the CPS currently covers 10.9 million workers across the federal, state, and private sectors and provides a clear guarantee that workers will be rewarded with financial stability after years of service. She described the scheme as “a contract between the worker and the employer, with the assurance that a lifetime of labour would be rewarded with financial security in old age.”
PenCom also disclosed that only 17 of Nigeria’s 36 states are fully implementing the Contributory Pension Scheme. According to Oloworaran, “17 states out of the 36 states in the country are currently implementing the contributory pension scheme. Twelve states have not started at all, while seven states are at various stages of establishing their pension bureaus.”
She commended states that have already enacted pension laws and begun remitting contributions for their employees but noted that more work must be done. “But our mission as an industry is not complete. The success of this national reform rests on its implementation in every state, local government, and across the informal sector. This forum is the engine of that collaboration,” she said.
She noted that November marks one year since she assumed office as PenCom DG, describing the past year as one focused on governance reforms and efforts to expand the value of the pension system for all Nigerians. Among achievements recorded, she listed the timely payment of Accrued Pension Rights and a landmark increase in monthly pensions for retirees. She also referenced the National Executive Council’s approval of a ₦758 billion bond to clear legacy pension liabilities, including accrued rights, pension increases, and the minimum pension guarantee.
Oloworaran stressed that the growth and stability of Nigeria’s pension system depend heavily on the commitment of state governments to fully implement either the CPS or the Contributory Defined Benefit Scheme (CDBS). She said, “To those still on this journey, we affirm: PenCom is your partner. We provide technical assistance and policy guidance because we believe that pension reform is not a Federal agenda, it is a national imperative.”
She added that every reform made and every outstanding liability settled moves the country closer to a future where retirement is secure for all workers. According to her, the goal is “to make a dignified retirement not just a hope, but a guarantee to the teeming Nigerian workers.”
The DG urged all state governments, pension bureaus, and social partners to intensify their efforts and align with what she described as “pension revolution 2.0.” She said stakeholders must work together to ensure that the CPS becomes a catalyst for financial security in retirement and a driver of wider economic resilience.
